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Should You Pay POINTS? FREE JANUARY 29, 2009

CURRENT HOMES & LAND FOR SALE

PRE-FORECLOSURE SALE

4240 TAURUS • $579,000

4280 TAURUS • $569,000

2+ acre horse property, built in 2008, over 3,000 sq. ft. with 4BR, 3BA and a 3-car garage. Gourmet kitchen with granite countertops, tile back splashes, breakfast bar, separate dining area, formal dining room, large family room with Kiva fireplace, covered patio to watch the fantastic views of the Organ Mountains. Large master suite has walk-in closets.

This is a 2 1/2 acre lot in the coutry! 4BR, 3BA and a 3-car garage. Over 3,000 sq. ft. of living area. Granite countertops, tile back splash, breakfast bar, separate eating area, formal dining, Kiva fireplace. Spacious master has a fireplace, walk-in closet and jet tub.Horses allowed and possibility of pecan growing business.

Tom MacNeill 575-644-2032 tommacneill@remax.net www.LasCrucesHomes4U.com Price Reduction!

4444 LA CIENAGA • $359,000 • Sonoma Ranch East • Reduced to $359,000 • 3 BD/2.5 BA

• 2168 sq. ft. • Acid Stained Concrete • Owner/Agent

KAREN TRUJILLO 575-571-8028

575-524-8788

404 N. Armijo St. • $398,000

556 N. Melendres • $249,000

Beautiful colonial home on large corner lot. Steps from Pioneer Park, Farmers Market, Restaurants, Post Office. 3 or 4 bedrooms...old garage is converted to a room, living room with wood floors, built in bookcases and grand fireplace. Formal dining room has built in corner curios, crystal chandelier and wood floor. "Great room" has brick floors, fireplace, hot tub and french doors that lead to outdoor patio/swimming pool area. Property is completely fenced, rod iron in front and side, stucco wall in courtyard and block around pool area. Owner/Agent

Delightful like new home in desirable Alameda Depot Original home built in 1946 but has been almost completely rebuilt. Fabulous wine/wet bar in dining room. A new addition has also been added to complete a 3 bedroom, 3 full bath, living room, dining room, family room, walk in pantry, laundry room and a huge 16x32 deck. New insulation, walls, texture, paint, all new electrical, all new plumbing, smart wire system, addition is 2 new bathrooms, 2 new bedrooms and a grand hallway with built in bookshelf and windows and views out to deck.

Emily Coss 575-650-0771 • Coss Real Estate 575-524-7653

645 W. Las Cruces • $239,000

249 S. Miranda • $285,000

Cozy and comfortable home located in popular and desirable Alameda Depot District located just one block west of Pioneer Park on a corner lot. All of the unique charm that you expect in a 100 year old home...wood floors, built in bookcases, funky funky floorplan, good bones, brick, enclosed wrap around "sun room". Flexible floor plan...could be up to 3 bedrooms if you build closets.

Country setting in the heart of Las Cruces. This beautiful home was built circa 1906 and is private and peaceful with over 1/2 acre of shady foliage surroundings. Zoned for multi-family so building a "casita" would complete this compound. 3 bedrooms, 2.5 baths, lots of original features, custom rod iron fencing and a large workshop.

Emily Coss 575-650-0771 • Coss Real Estate 575-524-7653

Glorious Glorieta

Views, Views, Views!!!

Emily Coss 575-650-0771 • Coss Real Estate 575-524-7653

A Must See!

2335 GLORIETA PLACE • $284,900

4075 PEPPER POST • $418,000

3568 EVY LANE • $250,000

SONOMA RANCH Location, amenities and price make this 3BR/2.5BA/2CG 2057 SF custom home with an open floor plan truly a great buy. Among the many upgrades are granite counters, venetian plaster accents, tile throughout the living areas and energy efficient construction. To complete the package add mountain views, a stained stamped concrete driveway, tile roof and covered patios. L#805218.

MARY MULVIHILL 575-496-6597

SONOMA RANCH With almost 2400 Square feet on 1/3 acre in Sonoma Ranch, this home offers 3 bedrooms 2 baths, granite throughout, large master bedrooms, formal dining, Built by DLP Building Company. Builders personal home, so it is loaded with upgrades. AARON R. PEREZ 575-571-3217

Exquisite Modern Contemporary 3 bedrooms 2.5 bath Townhome with a large open floorplan. Kitchen with Cherry Wood cabinetry, granite countertops, oversized tile, Family room fireplace, Master bedroom balcony with mountain views... A Must See!!! AARON R. PEREZ 575-571-3217

EMERICK REAL ESTATE, INC. 575-523-2850

COSS REAL ESTATE 575-524-7653

ON THE MOVE PROPERTY BROKERS 575-541-6683

2990 N. Main St. 575.521.1000

Custom Features Throughout!

1914 Mercury

There are lots of custom features throughout these townhomes. This home has lots of tile both floors and counters. You will find upgraded appliances extra storage in the garage and a very efficient layout. There are side views of the city lights and beautiful sunsets. It is Easy Care and Easy Living in a Great Location just north of Hwy 70 off Del Rey. Built by Salas Homes, a strong and reputable builders of custom and simi-custom homes as well as commercial. $151,371

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Escape to the Mountains

Live in a quiet home among Ponderosa pines with Bald Eagles and Great Blue Herons flying overhead! Secluded but not remote. Great views for watching an abundance of birds and wildlife. 4.5 acres, Gila National Forest on two sides, at Lake Roberts, NM. 2100 + sq. ft. Built in 2000. Unique Southwest Contemporary home, 3 bedrooms, 2 baths, including large master suite w/ walk-in closet, all radiant infloor heat. Large, IKEA kitchen w/dishwasher, separate dining, large living room w/raised kiva fireplace & flagstone floor. Bright interior w/large windows, vaulted ceilings, neutral paint. Separate 2-car garage w/loft studio. Entertain on huge wrap around deck or by rock garden w/garden pond. Good water. 4WD best for access. $389,928. FSBO / NM Realtor. Email: lakerobertscommunity@yahoo.com

A Fine

SIT-uation

e l a S 3% t u towards O e CLOSING COSTS s o l C $1,000 Realtor Bonus

CALL TODAY!

5531 PATAGONIA $128,800

5555 PATAGONIA $139,750

5527 PATAGONIA $134,750

3 Bedroom, 2 Bath 1201 Sq. Ft.

4 Bedroom, 2 Bath 1514 Sq. Ft.

3 Bedroom, 2.5 Bath 1343 Sq. Ft.

HOME / PET SITTING and PROPERTY WATCH

Want peace of mind when you’re away from home? I will look after your home, and pets, like my own.

For the Weekend, a Week, a Month or Longer -- live in, or regularly scheduled property checks, will keep your home and property secure. Serving Las Cruces & Dona Ana Co. Bonded. Reasonable Rates

Reliable

Licensed NM Realtor

Call or email TODAY to secure your place on my schedule. Call: 575-574-5383 Email: AFineSITuation@yahoo.com

David R. Blackmon (575) 642-7438 WINTON/FLAIR REALTY (575) 541-1968

6720 RAASAF CIRCLE • $799,999

2508 N Telshor Blvd • Las Cruces, NM 88011

TCAMACHO@TOPPRODUCER.COM

KNOCKOUT EXPERIENCE & SERVICE DELIVERING

This elegant home is a former "Showcase" with over 4,800 sq ft living space, 8000 ft are framed 4 br, 3 1/2 bath, 2 car oversized garage, swimming pool and guest house, Plus VIEWS!

00 BAYLOR CANYON ROAD • $129,500

WWW.HOMES4LASCRUCES.COM

• 25 Plus Years Financial Services Industry Experience Francis Charles • Residential - 100% Phillips Pidge HERO MFA VA USDA FHA • Loan Officer of the Year 2006 & 2008 575 202 8351 • Branch Manager of the Year 2007 575 635 7331 ext 103 • Commercial — Large and Small • Program Director for Herocare Senior Loan Advisor • Let’s Get It Done! Available Weekends

PRICE REDUCTION! A new world to conquer, 5 acres of pristine beauty with post card views and a perfect setting for your future home. Priced to sell! “It is a blessing to make a difference and provide integrity and service in every transaction”

3529 Foothills Rd. 575.532.5678

For every loan closed, $100 is donated to Las Cruces Habitat for Humanity. Your Loan will be part of house #3.

National Sales Volume + National Discounts = Lower Rates For You. Licensed in the State of New mexico. Licensed by the California Department of Corporations under the Residential mortgage Lending Act. Empire Equity Group, Inc. D/B/A 1st Metropolitan Mortage is licensed by the Virginia State Corporation Commission (License N. MB-1432). Empire Equity Groups, Inc. D/B/A 1st Metropolitan Mortgage is licensed by the Washington Department of Financial Institutions under the Consumer Loan Act (License Number 520-CL-23974-29186). EQUAL HOUSING OPPORTUNITY

JANUARY 29, 2009

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Reverse mortgage for buyers debuts VOLUME 6 A

ISSUE 16

REAL ESTATE WEEKLY

PUBLICATION

Online at www.lascrucesmoves.com

575.524.8900

Jorge Lopez 575-636-7706 Advertising Consultant jorge@mesapub.com

Ceci Marquez ext: 135 Managing Editor editor@mesapub.com

George de la Torre ext: 128 Client Services Manager george@mesapub.com

Riley Stephens ext:120 Publisher riley@mesapub.com

DISTRIBUTION LasCrucesMoves.com is available throughout Dona Ana County in high-traffic locations and in our bright blue newsstands. Major Location include: Albertson’s, Blockbuster Videos, BigLots, Sears & Hollywood Videos. For the location nearest you or for a free copy by mail call 575.524.8900 ADVERTISING To advertise in LasCrucesMoves.com call Jorge Lopez at 575-636-7706 Deadline to submit advertising: Monday 5:00 pm. Advertising may be submitted by fax: 866.524.8900 or email: jorge@mesapub.com SUBSCRIPTIONS Order a subscription of the Real Estate Weekly. Six months: $44

2009 Mesa Publishing Corporation 2001 E. Lohman, Suite 110-270 Las Cruces, NM 88001 • (575) 524-8900 E-Mail: jorge@mesapub.com ©

Federal Fair Housing Act, which makes it illegal to advertise “any preferences, limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin, or intention to make any such preference, limitation or discrimination.” Mesa Publishing Corp. assumes no responsibility and shall have no liability whatsoever for errors or omissions in LasCrucesMoves.com. Publisher reserves the right to edit or refuse any advertising submitted. Mesa Publishing Corp. is committed to promoting the American Dream of homeownership through dissemination of real estate information and advertising in its print and electronic publications. We serve home buyers, home sellers, and our advertisers.

By Tom Kelly Inman News Service

Reverse mortgages have been available for more than two decades for older homeowners who have accrued a significant amount of equity in their homes. Now, the government is backing a program to help older homeowners purchase a home with the increasingly popular financing program. The Federal Housing Administration, a component of the U.S. Department of Housing and Urban Development, insures the nation's most popular reverse mortgage known as the Home Equity Conversion Mortgage, or HECM. The Housing and Economic Recovery Act of 2008 recently approved the HECM-forpurchase program, allowing lenders to close the mortgages after Jan. 1, 2009. The move allows older homeowners to make a large down payment on a new home and then utilize the reverse mortgage as permanent financing. The same law reduced the maximum loan fee on reverse mortgages to 2 percent on the initial $200,000 of the home's value and 1 percent on the balance thereafter, with a cap of $6,000. Previously, HECM fees were capped at 2 percent of the home's value or the county lending limit, whichever was lower. A reverse mortgage historically has enabled senior homeowners to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. Reverse mortgages are available to individuals 62 or older who own their home. Funds obtained from the reverse mortgage are tax-free. "The HECM for purchase will give seniors several more options," said Sarah

Hulbert, president of Senior Financial Corp., a reverse mortgage lender. "I think one of the key aspects is that they can stay more liquid. They do not have to reinvest all of their funds into their new home before getting the reverse mortgage, freeing up more cash for other uses." For example, if a 70-year-old homebuyer wanted to purchase a $300,000 home, he or she could put approximately $123,000 down and finance the balance of $177,000, plus closing costs, with a reverse mortgage. The buyer would make no monthly payments for as long as he or she maintained the home as a principal residence. Interest and MIP (Mortgage Insurance Premium) accrue on the initial loan amount and become due when the borrower, or surviving spouse, dies, moves or sells the home. The current annual percentage (APR) for the monthly adjusted HECM 200 is 3.62 percent (including the government's 0.5 percent annual mortgage insurance). When refinanced, the APR for the program has averaged approximately 6.5 percent for the past 15 years. Eligible properties include: • 1- to 4-unit single-family homes • Manufactured homes, built after June 15, 1976, that meet HUD's permanent foundation guidelines • Condominiums "I think you will see the typical purchaser for a HECM will be the move-down buyer - perhaps headed to the sunshine," said former Puget Sound resident Ken Keranen, who now originates reverse mortgages for Seniors Reverse Mortgage in Carlsbad, Calif. Customers interested in the HECM for purchase must enroll in a HUD counseling class. Borrowers may not obtain a bridge

Ask the Mortgage Professor Q: We want to change the title of our house to my niece who lives in Switzerland. She is separated from her husband. Would that be a problem? A: You might want to rethink that plan. There's no reason to change the title over to your niece, particularly since she doesn't live in this country. If your goal is to make sure she receives the property after your death, the easiest thing to do would be to set up a living trust, put the title to the property into the trust, and name her as the sole beneficiary. That way, you're leaving her an inheritance (which she receives at the current market value of the date of your death and not as a gift on which she -- or you -- may owe gift taxes). This

loan (also known as "gap financing") or borrow against other assets for the down payment or closing costs. This restriction includes personal loans, cash withdrawals from credit cards, seller financing and any other lending commitment that cannot be satisfied at closing. Lenders will be required to verify the source of all funds prior to closing. A verification of deposit, along with the most recent bank statement, may be used to verify savings and checking accounts. If there is a large increase in an account or the account was opened recently, the lender must be able to obtain a credible explanation of the source of those funds. To avoid cases of property flipping, lenders must take steps to ensure that: a) only current owners of record may sell properties that will be financed using FHAinsured mortgages; b) any resale of a property may not occur 90 or fewer days from the last sale to be eligible for FHA financing; and c) FHA will require additional documentation validating the property's value for resale that occurs between 91 and 180 days where the new sales price exceeds 100 percent of the previous sales price. More than 450,000 HECMs have been made since 1989, the year FHA launch its reverse mortgage pilot program. FHA insured approximately 112,000 HECMs in fiscal-year 2008, up from 107,367 HECMs in 2007 and 43,131 in 2005. The only challenge seniors now face in this slow market is finding a willing buyer to purchase their present home so they can "move down" via a reverse mortgage. After all, you have to sell your primary residence before you can buy another one.

By Ilyce Glink

also helps if she is getting separated from her spouse. You wouldn't want to give a gift that could possibly be construed as being part of the marital estate. Please consult with an estate attorney or accountant before you do anything. Q: What are the pros/cons of making bimonthly mortgage payments versus an extra mortgage payment at the end of the year? Either would reduce the number of years one would pay, but is there an advantage of one over the other? A: If you make one extra payment at the beginning of the year, you'll save the most over time (because you're paying off the balance most quickly). If you make your

monthly payment and add 1/12 of your usual payment to the total, you'll save the next most money. If you make one extra monthly payment at the end of the year, you'll save the least of the three options because of the time differential (although you'll still save money over not prepaying at all). The difference in savings between the three prepayment options is small. It might be a couple of thousand dollars over 30 years. Still, if you're going to prepay, the best thing to do is deliver one extra full payment in January or add 1/12 of your mortgage payment to each check.

Continued on page 10

04 • www.lascrucesmoves.com

JANUARY 29, 2009

TELL YOUR REALTOR® YOU FOUND THEM IN LASCRUCESMOVES.COM

NEWS Should you pay points? By Francis Phillips

(575) 541-MOVE

When working as a financial advisor for fifteen years, I

1100 S. Main St., Suite 114

always asked my lender to charge me no points thinking

Las Cruces, New Mexico 88005

I was saving money. Boy was I wrong!

Karen Trujillo Broker/Owner (575) 571-8028 Nathan Ortiz (575) 202-0234

Believe it or not, sometimes paying points to lower your

Josie Hall (575) 642-6216

interest rate can be a good thing. We've been conditioned to believe that paying points to lower an interest rate is

New Listing!

• $179,900

a scam, a way for sly mortgage brokers to take advan-

• 4 Hills Area

tage of uninformed borrowers.

• 4 BD/ 2 BA • 1671 sq. ft. 1204 Gunsight Peak

RI CE RED UCED !

3397 Park Ridge

• Reduced to $199,900! • Elks Club area • 3 BD/2.5 BA • 1639 sq. ft. • Corner Lot

3717 Piedras Negras • SELLING LESS THAN PURCHASED FOR • Las Colinas (High Desert Subdivision) • $183,000 • 3 BR/2.5BA • 1814 Sq. Ft.

2057 Southern Star Lp. • Sonoma Ranch East • $379,000 • 3 BD/2.5 BA • 2721 sq. ft. • Perform Wall Construction, MUST SEE!

• Corner Lot

4444 La Cienaga • • • • • •

Sonoma Ranch East Reduced to $360,000 3 BD/2.5 BA 2168 sq. ft. Acid Stained Concrete Owner/Agent

• Land • Land • Land • Land • Land • Land • Land • Land • Land • • Lot 2 Ranchitos Lindos La Mesa • 1.85 Acres • $115,000

SOL D!

• 0000 St agecoach Lan e East Mesa • .52 Acre • $39,500

Call for more inform ation!

Not so. If you can afford to pay the points, you’ll need to figure out if it’s worth it. Here’s a general rule of thumb: the longer you’ll keep the loan, the more attractive points become. 1. Figure out how many points you can pay or roll into your loan amount. 2. Find out how much any choice would reduce your monthly payment 3. Consider how many months of reduced payments you could enjoy. For example, a refi or purchase loan offering a 30 Year Fixed $250,000 Mortgage *APR

Cost of Pts

Monthly Prin/Int

Savings a Month

Breakeven

4.375% 4.41

2pts $5000

$1,248

$132

37.88 months

4.75% 4.81

1pt $2500

$1,304

$76

32.89 months

5.25% 5.32

0pts 0

$1,380

Before you actually make the decision, I recommend crunching the numbers or having your lender do it for you. *APR figures are based on purchases of $250,000 including closing costs.

Sponsored by:

575 202 8351 ext 103

1st Metropolitan Mortgage 2508 N Telshor Blvd • Las Cruces NM 88011

JANUARY 29, 2009

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Tell your Realtor you saw their advertisement 1987 A & D PINETRAIL

in the

861 HARRIS ROAD

575-524-8900 $1,025/MONTH • $1,000/DEPOSIT 3 BR, 2BA, Brand new

$1,350/MONTH • $1,400/DEPOSIT 3 BR, Split plan

LYN HASTON 575-993-6398

ERA SELLERS, BUYERS & ASSOCIATES 575-522-4235

5032 ARENA

1987 B & C PINETRAIL

$900/MONTH • $700/DEPOSIT 1362 Sf • 3 BR, 2 BA • Open floor plan

$950/MONTH • $900/DEPOSIT 3 BR, 2BA, Brand new

CALL LANDMARK REAL ESTATE AT 575.525.8114

ERA SELLERS, BUYERS & ASSOCIATES 575-522-4235

You Make the List...

WE’LL DO THE REST!

From groceries to dry cleaning let us do what you don't have time to.

$500 off

w/ this ad

ERRANDS PLUS, LC 575-650-6168 Visit www.ErrandsPlusLC.com

LYN HASTON 575-993-6398

1001 CHAPARRO

CALL TODAY!

~ LAS CRUCES, NEW MEXICO ~

$675/MONTH • $675/DEPOSIT Appx. 1100 SF • 3BR, 1BA • Wood floors CALL LANDMARK REAL ESTATE AT 575.525.8114

TO ADVERTISE IN HOMES FOR RENT... CALL JORGE TODAY AT 575-636-7706

PRESTIGIOUS PICACHO HILLS Representing over 60 residential building lots in four of the most desirable subdivisions of Picacho Hills: Mansiones de Galicia • Estate and Patio Home Lots • Priced from $90,000 Fairway 18 Villas • Estate Homes • Priced from $75,000 Via Emma • Golf Course Lots • Priced from $89,000 Linda Vista • Estate Size Lots • Priced from $149,900 Call for the best selection of building lots… I know all the “dirt’ in Picacho Hills! Mary Mulvihill (575) 496-6597 • Emerick Real Estate, Inc. (575) 523-2850

Desert Breeze Subdivision Presale homes starting in the $130s. Minimum 1,400 square feet, 3 bedrooms, 2.5 bathrooms, contemporary design, 2 car garage and all city utilities. 1 and 2 story elevations available. Visit www.landinlascruces.com for more information Paul Cruz (575) 571-5437 • Garland Realty & Development, LLC. (575) 524-7266

Mesilla Park Mosaic The first of its kind, a truly upscale gated community designed for elegant and distinctive homes in Las Cruces, New Mexico. This elegant Las Cruces gated community offers security, beautifully landscaped common areas, front yard maintenance, diverse "Old World" architectural style, numerous custom home options. A limited number of 1 acre lots available. Call Today! 1950 Tapestry Circle • $120,6151880 Tapestry Circle • $122,825 1940 Tapestry Circle • $123,3351925 Tapestry Circle • $124,440 3570 Cloister Court • $126,225 1875 Tapestry Circle • $129,000* * Rockwall fee not included in lot price.

Billie Haynie (575) 635-8921 • Emerick Real Estate (575) 523-2850 0000 Lakespur • $110,000 This is one of the few lots left in the city with great views of all of the valley....As far as the eye can see a little bit of Heaven on Earth. West on Picacho-Left (South) on Weinrich (Right) West on Redwolf, Right (South) on Lark Spur Court to cul-de-sac, 2nd lot on Right. Owner/Agent. Christine Telles (575) 650-4121 • Coldwell Banker deWetter Hovious, Inc. (575) 521-1000

06 • www.lascrucesmoves.com

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JANUARY 29, 2009

Remodels holding more value than home prices By Dian Hymer Inman News Service

Las Cruces Home Builders to Construct One-of-a-kind Playhouse Las Cruces, NM – The Las Cruces Home Builders Association (LCHBA) is scheduled to build a children’s playhouse on February 7, 2009 from 9 a.m. to 3 p.m. in honor of their 50th Anniversary! The build team is being led by 2009 President, JB Stearns, owner and operator of Stearns Custom homes. He and the team plan to complete the build in just under 7 hours! With help from various suppliers throughout Las Cruces, the group will be creating a 60 square foot, Southwestern Style playhouse with a 24 square foot covered patio! The LCHBA invites the community to see the build and tour the association office. The address is 2825 North Main Street, behind Citizens Bank. Refreshments will be provided. Raffle tickets for the playhouse are being sold to members and the public for $1 each. For questions or ticket information, contact LCHBA at (575) 526-6126.

Remodeling Magazine's 2008-2009 Cost vs. Value Report, produced each year in conjunction with Realtor Magazine, contains good news about the value of remodeling projects. The recent Cost vs. Value Report showed that renovations on a nationwide basis held their value better than home prices did in 2008. According to the National Association of Realtors (NAR), home prices declined 7 percent in 2008, while the value of homeowners' investments in remodeling dropped only 2.8 percent in 2008. During slow real estate cycles, many wouldbe sellers postpone their move and remodel instead. This makes sense as long as the projects are selected carefully for maximum return on the investment. It's important to avoid renovations that would overimprove the property for the neighborhood. One benefit of remodeling sooner rather than just before selling is that the homeowner is able to enjoy the improvements before moving on. All too often, sellers wait until right before they put their home on the market to enhance its appeal. HOUSE HUNTING TIP: Remodeling, if done smartly, can result in a quicker sale and less negotiation with buyers over perceived shortcomings. Painting the house and updating the kitchen, baths, lighting fixtures and floor

On TOP... On the BOTTOM Whichever Way You Turn Precision Mortgage is There

TO HELP YOU!

coverings are examples of improvements that can improve the sale price. In today's slow economy, there are more contractors looking for work in some areas. And, in some cases, their prices have come down. This positively impacts the return on investment when the home is sold. Recently, an Oakland, Calif., homeowner received a bid of under $20,000 for a midrange kitchen remodel. Four years ago, he received a $45,000 bid for the same work, but decided against going ahead with the project because of the cost. Now that he's ready to sell, he's planning to do the midrange kitchen remodel to enhance the salability of his home. The amount of return from a remodel investment that is recouped when the property is sold varies significantly from one place to the next and from project to project. For example, nationally, 70.7 percent of the cost of a major kitchen remodel was recouped at sale. In the Pacific region (Alaska, California, Hawaii, Oregon and Washington), a major kitchen remodel returned 95.5 percent. In San Francisco, a major kitchen remodel returned 131.5 percent of the investment at sale. Despite higher labor and material costs, The Pacific Coast average cost recouped at sale was 14.8 percent higher than in the rest of the country. Smaller cities such as Jackson, Miss., and Billings, Mont., had high rates of recovery due to lower labor and material costs.

Nationally, exterior improvements generated the biggest payback on average. A midrange deck returned 80.8 percent. Upscale fiber cement siding returned 86.7 percent. A midrange minor kitchen remodel returned 79.5 percent. And upscale vinyl windows returned 79.2 percent. These projects increase curb appeal -- an important selling feature for most homebuyers. The data used to generate the Cost vs. Value Report was obtained from surveys sent to more than 150,000 appraisers, real estate agents and brokers in July and August 2008. The cost data was obtained from HomeTech Information Systems, a remodeling estimating software company. The confidence level of the results is 99 percent, plus or minus 2 percent, according to NAR. Homeowners who are concerned about the resale value of their home should first consult contractors to obtain estimates. Then consult with an experienced local real estate agent for input on the estimated cost recovery of the anticipated improvements before moving forward. THE CLOSING: Sellers often spend too much on improvements, or make improvements that don't add value at sale. Some improvements can actually decrease value if they are so specialized that they don't have broad-based appeal.

TO HELP YOU! Whichever Way You Turn Precision Mortgage is There

On TOP... On the BOTTOM

JANUARY 29, 2009

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Accent Real Estate

7038 CALLE ESTANCIAS

650 SAN MIGUEL AVENUE • PRICE REDUCED!

Office: 575-526-4999 • Toll free: 800-603-3167 www.martiwells.com • Email:accent@zianet.com

With Accent on Service

Marti Wells

A MUST SEE!

PRICE IMPROVEMENT!!

CRS, GRI

Owner Broker 575.644.7070

Summer Woods 575.650.0930 www.lascruceshomesites.com

Stephanie L. Keepers 575.635.0741

1421-A Alamo - 2 br, 1.bath condo. recently tiled all but bedrooms, atrium converted to dining area, new master cool & newer appliances. $88,000. Call Marti to View. L#781367 Call Marti to view at 644-7070.

5931 Norte Vista Drive - 1896 sq. ft., 3BR, 2.5 BA. This home has a nice floorplan with a nice loft/game room that you can enjoy the views of the organ mountains from. Also out the master bedroom enjoy the sunset from your deck. This home also has a nice covered patio, lansdcaped yard on a timed drip system, Lots of storage, nice size pantry and all bedrooms have a walk in closet! Owner is selling agent! $174,000.

NEW LISTING!

GREAT TELSHOR LOCATION

3044 Estrada - Mesilla area, 4br., 2 bath, 3 fireplaces, 3878 sqft. sits on .69 acre with oversize 2 RV space garage and oversize RV port. This has great potential and lots of room. $379,000. L#806213. Call Marti for information at 575.644.7070.

1829 Salinas - Conveniently located in the Telshor area this 4 bdrm, 2089 sq ft home sits on nearly a quarter of an acre with beautiful views of the organs from your nicesized yard. Granite counter tops, wood and tile floors thru out. Nice floorplan with lots of modern updates like custom cabinets, granite counter tops, stainless steel appliances, new roof with warranty, new paint, double pane windows and a fireplace! Plenty of room for an RV! Priced well at $229,000 Call Summer Woods for your showing at 575-650-0930.

2917 Cheyenne • $379,500

2008 Fall Parade of Homes

GREAT HOUSE IN LA MESA, NM

Unique Home! This elegant beauty offers 3602 square feet of comfort: 3 bedrooms, 3.5 bathrooms, oversized 3 car garage, 3 great living areas, granite throughout, imported wood doors, 1498 square feet of tiled entertaining patios, fire pit, built-in BBQ and breathtaking panoramic views. $747,600

Great Country Home! Perfect for a small family or a wonderful place to retire. Lots of potential! This 3 bedroom, 1 1/2 bath, has 1786 sq. ft., 2 living areas, over 800 sq.ft. of open and covered Porch and Patio areas, storage building and great yard with mature landscaping. $150,000

0000 LARKSPUR

620 ROCKY ROAD

PRICE REDUCED!

This is one of the few lots left in the city with great views of all of the valley....As far as the eye can see a little bit of Heaven on Earth. West on Picacho-Left (South) on Weinrich (Right) West on Redwolf, Right (South) on Lark Spur Court to cul-de-sac, 2nd lot on Right. Owner/Agent. For More Information Please Call Agent/Owner Christine Telles at 575-650-4121

Great Family Home! On 1.3 Acres, this 3 Bedroom, 3 Bath plus Office has 3741 sq ft of Living Area, Huge Family/Gameroom/Bar Combo Area Inside, as well as an additional Oversized Patio with Kitchen and Upstairs Deck, also has Two Detached Bar/Buffet areas. Great for Entertaining. Two Car Garage has a Mechanic’s Pit. This Wonderful Property has Great Views and can be Horse Property. L#805306. $438,000.

Christine

TELLES

(575) 521-1000

(575) 650-4121 www.ChristineTelles.com

3050 Chippewa Summit $239,500 4BR, 2BA

3077 Featherstone $262,500 3BR, 2BA Spectacular Sunsets from your back deck!! Overlooking your constant depth 12x30 in-ground pool. 4 bedrooms, 3 full baths with tile floors and granite counters in the kitchen and all 3 baths. Lots of wooden beams in great room. Seperate formal dining flows to Great room making this the perfect house for entertaining. Smart wired for your electronics needs and pride of ownership shows. A short climb to your viewing deck enhancees the valley views available from the back yard and adds a great view of the Organ Mountains. You really gotta see it!

www.LynHastonLasCrucesRealty.com

Sales & Rentals Available

Lyn Haston (575) 993-6398 (575) 522-4235

Ask Me How To Save an Extra 1% on *Some These Homes* Restrictions Apply, Call for Full Details

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Realtor Website

JANUARY 29, 2009

DIRECTORY

Visit my website at www.gregshermansomething.com

575.523.2850

A Treasure in Tierra Verde

www.1975AvenidaDeAntigua.com

1975 Avenida de Antigua • $289,500

• 3BR/2BA/2CG • Southwestern Style • Courtyard Entry • Dining Room

• Near Mesilla • Great Room w/FP • Vigas • Sunroom

Searching for your own pad? Click your way to buying or selling your home...

www.LasCrucesMoves.com

www.lascrucesmoves.com • 09

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Getting financing when real estate prices drop About.com

Loans change constantly. The only variable that remains the same is financing, but rates, terms and conditions fluctuate. What was vogue years ago, might not hold true in a slowing marketplace. • Make Sellers Pay Down Your Interest Rate It's true, on top of price, you can ask a seller to pay down the interest rate on your mortgage. • FHA Loans are Popular Once Again Yes, FHA loans have made a recent comeback in falling real estate markets. Plus, the requirements are more lenient, so sellers won't shrink away from your offer. • Mortgage Lender Choices Sellers don't have the right in buyer's markets to insist that you choose their lender. Here's how to find your own financing at the most competitive rates available. • Best Time to Lock a Loan Often the Fed decreases rates that affect mortgage rates when the market stalls. Should you wait before locking a loan rate? How long? • How to Avoid Shady Lenders Predatory lenders lurk in the shadows and prey on innocent victims. Don't be bamboozled by them. When the market swings back toward a seller's market, and it will, your strategies will change. But until appreciation begins to spread its wings and soar, these tips should keep you moving in the right direction.

JANUARY 29, 2009

TELL YOUR REALTOR® YOU FOUND THEM IN LASCRUCESMOVES.COM

Ask the Mortgage Professor By Ilyce Glink Q: With all the talk regarding home values going down, is now a good time to build a house? Are building costs in sync with market value? I wouldn't want to build at a cost of $300,000 only to find later that the market value of the house is less than the cost to buy the land and build. A: It's a great question, one that doesn't have an easy answer, unfortunately. There are hundreds of builders who have gone out of business or have taken millions of dollars in write-downs for land they bought and didn't build on. At the same time, if you own a vacant lot in the middle of an established neighborhood, you may be able to build a great home that will not only retain its value but increase it over time. Here's some extra credit homework that might help you make your decision: If you're planning on building a 2,300-squarefoot home with the modern conveniences and upgrades that many new construction builders add to homes and it will be located in a neighborhood where homes are selling for $100,000, you're likely to find that building the home will not be economically feasible.

But if homes are selling for $400,000 in that neighborhood, you might find that building a new home is cheaper than buying one. The key to your question is for you to understand the true value of homes in the area in which your lot is located and to understand what type and size home can be built there. You might want to sit down with a contractor to determine what the average cost to build a home runs and then see where things go from there. In some parts of the country, building costs can run under $100 per square foot, while in other areas the amount can be significantly higher. If you put up a manufactured home (pre-built in a factory, shipped in pieces to your location and assembled in a day), the costs might be under $80 per square foot. Finally, if you're building a new home in a neighborhood of new homes and neighborhood values have remained stable through these times of financial instability, you might be able to get an architect, contractor and building trades willing to work for you at a cost that would be substantially less than what they would have been paid a year or two ago.

Take a look around at how many new homes there are in your neighborhood of choice and how many are in foreclosure and what's selling. Imagine this doesn't change for five years or more. That's where you could be in the worst-case scenario. But if you're planning to build a home and stay there for 10 to 20 years, unless you're very unlucky and you buy in an edgy neighborhood that never takes off, the length of time you're planning to stay should see home prices stabilize and ultimately rise. Q: Is it true that starting Jan. 1, 2009, it is a requirement to put 3.5 percent down on the purchase price when buying a home? A: The Federal Housing Authority (FHA) has indeed raised the minimum down-payment amount for a loan from 3 percent to 3.5 percent as of Jan. 1. This assumes that your housing-cost-to-income ratio is no more than 31 percent. In other words, you cannot spend more than 31 percent of your gross monthly income on your mortgage, homeowner's insurance premium and real estate tax payments. For more details, go to www.hud.gov.

Every week view LasCrucesMoves.com newspaper online. Find homes for sale in the Las Cruces area, find Top Realtors & MORE!

Updated WEEKLY!

JANUARY 29, 2009

www.lascrucesmoves.com • 11

SEARCH 100’S OF HOMES AT WWW.LASCRUCESMOVES.COM.

Hot On The Market January 29 - February 4

$556,000

$199,500

$190,000

3908 Sombra Arbol. Spectacular home well priced at $190,000. 3 bedrooms, 2 baths, excellent floorplan and large cul-da-sac lot. Views of the Valley, walking distance to new 36 acre city park! Just finished and ready to move in...

HORSES ALLOWED!

3480 Calle Bebado. 1 acre, landscaped with pool and horse corral with fences. Great almost new home, game room with wet bar, media room, formal dining, study, large walk through pantry, gourmet kitchen with kitchen nook… GREAT VIEWS!!! Light and bright open floor plan. A must to see! L#805354 Nora Stone 575-649-2281 RE/MAX Classic Realty 575-524-8788

Aaron Perez 575-571-3217 Coss Real Estate 575-524-7653

WELL PRICED HOME!

PRICED AT ONLY $199,500! 1801 Clark + 1803 Clark. Brick fireplace in the living room of this 3BR, 2BA big brick beauty & tiled den ready for woodburning stove, formal dining & huge kitchen with center island. All refurbished w/ new roof, ventwork and much more! Central heating & cooling. BONUS: 1BR, 1BA cottage! All situated on fenced & gated 1/4 acre. Owner is able to finance or will pay your closing costs if you buy no down, VA or small down FHA. 2-5

$120,000

FOOTHILLS

GREAT LOCATION & VIEWS!

NO CLOSING COSTS!* 1467 Branding Iron Circle. Big beautiful, 4BR, 2BA luxury home on it’s own lot appraised by the County for more than $138,000 but available to you for only: $120,000 WITH NO CLOSING COSTS!* Are you a veteran… no down! FHA only requires a small down! There are many easy plans for 1st time home buyers!! Move in Ready!

Arrington’s Theatre of Homes Real Estate CALL TODAY! 575-526-1802

625 Stone Canyon Drive. Looking for large rooms, convenient location and mountain views? Check out this 1861 SF 4BR/2BA/2CG home in the desireable Foothills area located near shopping, professional services and entertainment. With a split bedroom plan, refrigerated air, security system, hot tub and Organ Mountain views, this is a "must see" property. L#804638.

Mary Mulvihill 575-496-6597 Emerick Real Estate, Inc. 575-523-2850

2-5

LA MESA, NM

$599,000

Adobe Home & Horse Property

1093 Lister. Tastefully remodeled and refurbished in 2005 it has vigas in all bedrooms and kitchen plus viga/latilla ceilings in the master bedroom, foyer and dining/great room areas and more on a 6.4 acre lot. La Mesa city water, EBID rights, a well-sharing agreement, and an irrigation well provide for domestic use, pool, and all the necessities of a working horse property. Views of the Organ and Franklin mtns provide a marvelous property for the discerning owner! 1-29

John Bacon 575-640-8544 RE/MAX Classic Realty 575-524-8788

SONOMA RANCH

$246,950

LAS ALTURAS

$425,000

GREAT CITY & MOUNTAIN VIEWS

4240 Kalancho Court. FOR SALE, LEASE OPTION, REAL ESTATE CONTRACT, OR LEASE $1,500 PER MONTH. Beautiful one-acre yard with heated swimming pool. Cabana with 3/4 bath, and 3-car garage, 2 story, 2 living areas, beautiful landscape, drip system, four bedrooms + office, skylights, balcony deck, pool room. Seller is offering $20,000 to refurbish home. Lucille Garcia 575-640-9361 Tracey Pidge 575-635-1053 Steinborn GMAC Real Estate 575-522-3698

$375,000

www.2264SedonaHillsParkway.com

2264 Sedona Hills Parkway. Sacrifice by seller's; now $375,000 for this exclusive Boulder's on the Green, 55+ gated community, ranch style, no maintenance, 2 yr old, modern territorial style home! Surrounded by homes priced twice as much, you have incredible, unobstructed views along the fairway from this spacious, corner yard. The owner's value for the custom upgrades and additions is $450,000. This is a 3 BR, 2 bath model, 2040 sq ft. where the 3rd BR is an office with bookcases. Fantastic brick surfaces over all concrete. The private clubhouse with pools and a fitness center is only a block away. A must see and a must buy at this price! Owner financing is available.

Tom Tetting 575-405-8618 RE/MAX Classic Realty 575-524-8788

DONA ANA SOUTH

$99,900

LOTS OF LIVING SPACE

610 King James Ave. Large 2128 SF double wide manufactured home on over 1/3 of an acre near Dona Ana Rd. 3BR/2BA split bedroom design with huge great room plus an office, laundry and hobby room. New paint and carpet. Fenced backyard with shed. L#806143 Mary Mulvihill 575-496-6597 Emerick Real Estate, Inc. 575-523-2850

PEACHTREE

$165,000

6132 High Desert. This spacious house built by D.R. Horton in 2006 is over 2000 sq.ft. (per tax records). It offers 4BD/2.5BA, cozy living room with fireplace. Asking Price $165,000. Please take a look! L#805047

Irina Martynova 575-644-8772 Solutions4U Realty, LLC

Arrington’s Theatre of Homes Real Estate 575-526-1802

JORNADA

$169,900

A MUST SEE!

4540 Camino dos Vidas. Immaculate home with 4 bedrooms, 2 baths, fireplace, 2 car garage, 1490 sq. ft. In area convenient to White Sands, schools & shopping. David Blackmon 575-642-7438 Winton/Flair Realty 575-541-1968

SHALEM COLONY

$289,000

DON’T MISS OUT!

3540 Coral Rd. This could be your sanctuary, your place to think with such great views of the Organ mountains and the City. Country living with views that won't quit. Rita King 575-640-6019 RE/MAX Classic Realty 575-524-8788

To Adver tise in the Hot On The Market Call Jor ge Today! 575-636-7706

12 • www.lascrucesmoves.com

Welcome to Open Houses 1262 Onate Street in Anthony

Open House Sunday, February 1, 2009: 11 a.m. – 1 p.m. Welcoming, spacious, open & bright home is 2412 sq.ft., has 4BD/2BA and was built in 2003. High ceilings are through out. Refrigerated air. Swimming pool. Backyard opens to golf course. Easy access to I-10. Seller offers up to $5,000 towards buyer’s closing costs. “Lease To Purchase” option will be considered. $249,900 • L#804909

2330 Laguna Court

Open House Sunday, February 1, 2009: 3-5 p.m. Located close to Mesilla, this spacious house was built in 2007 and offers over 2800 sq.ft., 4BD/2.5BA. Spacious backyard is waiting for new loving and caring owner. $342,859 • L#805525

TELL YOUR REALTOR® YOU FOUND THEM IN LASCRUCESMOVES.COM

Don’t Miss These Great Homes! 5637 VIA ESTRELLA

www.2329TerraceCourt.com 2329 TERRACE COURT • $169,900 Beautifully remodeled inside! 2 living areas, 3 large bedrooms, french doors, pueblo FP, nice tiled entry courtyard. Large lot, new lawn in back & covered patio. Telshor area close to Memorial Med Center & NMSU. NOW $20K under original price. Owner/Broker. L#806239.

www.5200NanaTrail.com 5200 NANA TRAIL • $109,000 Commanding view of the North Valley and the Robledos! Perched high on a hill at the end of a peaceful cul-de-sac. Immaculate, well laid-out home with 3 huge split bedrooms; 2 are Masters & third like a Master with bay window! 25x17 family room and neat kitchen with breakfast nook. Includes 600 sq.ft. garage, large 1/3 acre lot & nice backyard. Very roomy comfortable, pleasant home! Now permanently set to FHA Loan standards. L#805916

3025 SQ.FT. 4BR/3.75BA

10017 SAN SAVINO

Greg Sherman (575) 644-8772 Irina@Solutions4URealty.com

JANUARY 29, 2009

(575) 642-8500 Emerick Real Estate (575) 523-2850

PRICE REDUCED!

Magnificent new 3,025 sq.ft. 4BR, 3.75BA, 3 car garage home on a private 1.75 acre lot in La Tierra Escondida. Pella windows, dual on demand water heaters, dual climate control, audio & TV systems, all appliances, granite throughout, snail shower, and much more. $589,900. Call 1-800-290-3316 and enter Code 269.

Price reduced to $424,900! This is a beautiful 3,000 sq.ft, 4BR, 3BA home on a 1/2 acre lot in Picacho Hills, with custom cabinets, granite countertops, central vac, great mountain views and much more! To hear a detailed recording about this home's features, call 1-800-961-6706 and enter Code 1789.

820 FRONTIER

Vacation Rental? Corporate Needs? Visiting Family & Friends? Between Homes? Waiting For Your Home To Be Built? Stay in a new, comfortable, luxurious, furnished condominium with full kitchen and washer and dryer along with a fitness center, pool, and barbeques in the lovely center courtyard. Beautiful views and ambiance. Walking distance to shopping, restaurants and historical attractions. Enjoy this charming community year-round. Two bedroom units available weekly and monthly.There is nothing else like this in Las Cruces or the Mesilla Valley. Come see why!

Beautiful Villa Esperanza Condominiums Located At The Gateway To Old Mesilla

Call 575-525-5633

820 Frontier is a beautiful 1547 sq.ft, 3BR, 1.75BA home in the Sagecrest Subdivision, right next to Sonoma Ranch. This home has a brand new roof, new elastomeric stucco, Saltillo tile floors, raised viga & corbel ceilings with skylights, a 2-sided stone fireplace, incredible panoramic sunset views, easy care back yard and much more. Check out this home's fact line! Call 1-800-961-6706 and enter Code 1792.